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message to washington. would that be enough to jolt lawmakers into action? >> and as the year winds to a close, the head of aetna is back with us winding up for higher taxes in 2013 thanks to obama care. wait until you hear how high he thinks they could go. you're watching cnbc, first in business worldwide. stamps.com is the best. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com you can print real u.s. postage for all your letters and packages. i have exactly the amount of postage i need, the instant i need it. can you print only stamps? no... first class. priority mail. certified. international. and the mail man picks it up. i don't leave the shop anymore. [ male announcer ] get a 4 week trial plus $100 in extras including postage and a digital scale. go to stamps.com/tv and never go to the post office again. >>> well, we're getting numbers in. turns out retailers saw the weakest holiday season since 2008 hurt by bad weather and more uncertainty about the rising tax increases that could come next year. we're wondering if
no other option but to take legal action. >> all right. very good. again, we wish jane decided to join us. she decided for whatever reason at the last minute not to. frankly, chris, i'm surprised you're with us here because this thing hasn't been settled yet. it's still being litigated as we speak. >> yes, but it's very important. i appreciate your time. >> thank you for coming on, chris. >> again, a lesson for all of us to be careful what you put online when you're complaining. >> absolutely. you might have a fake name or a fake avatar or whatever. you'll be found if you do something bad. thank you, chris. >>> okay. back to the markets. let's look at what's going on. the dow is up by 53 points right now. >> meantime, though, a terrible week for apple shareholders. how did this had darling of the market suddenly become such a dog? is the worst over? we'll try and look for some answers on that coming up next. >>> also, later on, did you hear john boehner today? >> four days ago we offered a serious proposal based on testimony of president clinton's former chief of staff. since then, there'
can see what the fed action means to the market and the fiscal cliff as well, but add to that the fact that a lot of traders want to take profits going into the end of the year. seen gold gain 8%, even with the selloff we're experiencing right now and even with gold prices below $1,700 right now. some traders say 2013 could be a different story for gold, still a lot of demand for physical gold as well as exchange-traded funds so that is one thing that may be a bright spot for gold going forward. back to you. >> thank you so much, sharon epperson. by the middle of 2014 that is when we may see the federal reserve make a move to raise interest rates. why? because the cnbc data team figures if unemployment keeps falling at its current rate, that's when we can expect it to hit the fed's newly announced target. >> what does this new tactic mean for the economy is let's bring it down with our fed expert and they rarely agree. senior economics reporter steve liesman and our own rick santelli. make guys, guys. steve, where do we stand on this with the new target, the new way of looking at monet
rotational action. cyclicals are down, banks are up. they seem to anticipate that this is going to be resolved. and then the implications are if we don't have a santa claus rally as we talked about, then we'll see something in january. because this last quarter has been sort of a wait and see kind of thing. that would probably speak to a good quarter for us next time around. >> you know, i wonder. i don't know that anybody's happy with oh, well this is going to be a january affair. and we're not going to deal with this after christmas. did you see a change in money flows? you're there on the floor watching real money move throughout sectors. did you see any change today or on friday as people felt that maybe we are at the beginning of a deal? or still people are sort of sitting on their hands and not wanting to move money around? >> getting more active. but it's been rotational. which is something we haven't been seeing as much. today we're seeing them pull out a one sector going to the other sectors. once we get done with whatever the outcome is going to be, fiscal cliff going
'll see going into the first few months of the year i believe very positive price action for all the equity indexs? >> what now, rick? what say you? what now? >> i liked dan greenhouse's comment. in a perverse sort of way. if there really is any austerity, you'll hear an ouch or some squawking or bellyaching which is the fiscal cliff. if we went over the cliff, they be we actually would have at least a touch of austerity, but nobody wants that. i contend, and i said this back in 2008, we're going to have to experience some pain. i don't think there's any way around it. it's just a question they keep putting it off, and one final thought, i'd like the idea that lamar alexander and senator corker. >> bob coaching, right. >> the $1 trillion debt ceiling raised for $1 trillion of spending cuts, i think that's pretty good. i know we've heard it before. senator corker talked on the santelli exchange with me a week ago about it, but everyone is thinking about the debt ceiling, and i think that's where the meat is going to be, and the next three charts that we're showing are from august
's why she trades with the leader in mobile trading. so she's always ready to take action, no matter how wily... or weird... or wonderfully the market's behaving... which isn't rocket science. it's just common sense. from td ameritrade. >>> less than a week before we go flying over the fiscal cliff, there is still no deal in sight. hampton pearson in washington with the very latest on that. what do you have? >> how you doing? we are down to single digits, seven days and counting if you will, to even get a short-term fiscal cliff deal done. we heard president obama on friday handed what we might call a bare bones plan c ahead of january first. extension of the bush tax cuts for those making $250,000 or less and an extension of unemployment benefits. while it could be a quick turn-around from that hawaiian vacation for president obama and congressional leaders, expectations they could be back in washington later this week, all eyes now on the senate where republicans are split on whether it's possible to make a deal with the obama white house. >> the president's statement is right. no one
a secular, long-term basis are still very early in terms of dividend action. we think dividend groelt and quality growth are strong themes in america. >> have we spopoked all the hol we can into thinks bullish -- >> and he jabbed right back. >> i like it. thank you very much, brian. >> thank you. >> nice analysis. >> see you later. >>> heading to the close. 12 minutes left. coming back a little bit. the dow is down 32 point. >> companies are getting more concerned about the fiscal cliff. in fact, you won't believe how many are mentioning in their s.e.c. filings. >>> will the housing comeback fall off the cliff if we don't get our fiscal house in order by the end of the year? the ceo of prudential joins us later. when we got married. i had three kids. and she became the full time mother of three. it was soccer, and ballet, and cheerleading, and baseball. those years were crazy. so, as we go into this next phase, you know, a big part of it for us is that there isn't anything on the schedule. >>> how important is the fiscal cliff to the companies in your portfolio? apparently the answer
'm very encouraged by the price action we've seen where we made this bottom and followed through last week, which is key, and we're holding strong this week. i i think the key for the market is to follow the dollar. we're below 80. that can really add another boost to the markets over the longer term. that's positive for corporations to get some more growth out of this overall strong trend we already have. >> seema, we talk often about those industry groups that would be most affected if we go over the cliff, if we don't go over the cliff. what about technology? >> bill, i was speaking to an analyst. he says the fiscal cliff is at the forefront of investors' minds. that's why we're seeing short-term profit taking in tech. however, on the long term, there are strong secular trends that support attractive growth in technology. the famed tech internet analyst of the 1990s came out with her most recent updated industry trend report. i'm going to give you a couple of those stats. mobile traffic now makes up 13% of web traffic versus 4% back in 2010. overseas in markets like india, mobile intern
action. if we get a downgrade and if this happens, it will be terrible for the market. that's what's potentially on the market, if we don't make a deal in washington. >> scott, let me ask you again how you want to allocate capital then in that environment. i know george young is with us again, joining the conversation. i want to ask you the same question. go ahead, scott. how are you investing right now? >> maria, i think the best way forward is the way it's worked since the bottom of the market in 2009. risk assets are where it's at. the fed is very supportive. the consumer is back and engaged. housing is getting better. the fiscal cliff is actually constructive from the standpoint it causes people to come together and compromise because going over the cliff while we may do it for a short time period is not beneficial to anybody. it hurts everybody. >> so risk assets being, what, technology? what does that mean, technology? >> not necessarily. we would stay with dividend payers. we would also dip our toe into europe into some very high-quality, multicountry stocks there. mostly on
"closing bell" is next. >> a government fractured, a market paralyze. a call to action our markets careen towards the sharp edge of the fiscal cliff. we've is asked our politicians to seem compromise and find a solution. the clock is ticking down. the stakes are getting higher. now we're turning up the pressure. this is a cnbc special report, "mission critical, rise above d.c." >> and we do welcome you to "closing bell." i'm bill griffith here at the new york stock exchange. hey, maria. >> hey there, bill. big rally where you are. i'm bartiromo coming today from the white house for our special coverage. stocks rallying on the on the missile that perhaps we are nearing a fiscal cliff deal. coming up we'll, find out from key lawmakers in the fiscal cliff negotiations how we can actually get a deal done before the deadline. representative chris van hollen, lynn jenkins and javier becerra as well as sore orrin hatch with us. we'll hear from former treasury secretary altman and jeff greenfield. bill? >> stocks are trading off the highs of the day with less than an hour to go. final hour, reall
. not a lot of action. jamie dimon was on our air earlier today on cnbc and says the economy is poised to take off if we get a deal here. take a listen. >> the table is set very well right now. corporations, middle market companies, small business in good shape. 5 million more people than working than four years ago, housing has turned the corner. let's just keep it going. >> reporter: bill, when is that economy going to take off? house republican aides talking about the possibility of actually being in session on christmas day? that's not a likelihood, but the fact that they are even talking about it gives you a sense that we're not anywhere close to a deal just now, bill. >> all right. thank you very much. heading towards the close. ten minutes left here, and we've come off the lows and had a pretty wide range. dow up 80 points until the fed chairman spoke and now we're down 6. heard a lot about how companies will have to lay off workers if we go over the fiscal cliff so why does a new manpower survey show more companies are planning to hire workers in the first quarter of '13 than lay them
to have to come together and take meaningful action to prevent more tragedies like this, regardless of the politics. this evening michelle and i will do what i know every parent in america will do which is hug our children a little tighter, and we'll tell them that we love them, and we'll remind each other how deeply we love one another, but there are families in connecticut who cannot do that tonight, and they need all of us right now. in the hard days to come, that community means needs us to be at best as americans, and i will do everything in my power as president to help because while nothing can fill the space of a lost child or loved one, all of us can extend a hand to those in need, to remind them that we are there for them, that we are praying for them, that the love they felt for those lost endures not just in their memories but also in ours. may god bless the memory of the victims and in the words of scripture heal the broken hearted and bind up their wounds. >> a poignant moment as the president had to take a few seconds a couple of times to collect himself as he thought
actions that accompany it, is that it takes us over the cliff, it does not avoid sequestration, it does not end the possibility that our credit rating will be downgraded. it does not create jobs. it does not instill confidence in consumers and in the markets, and it does not provide us with the down payment that we are told is necessary by the markets to instill that confidence, tonight down payment for us to go into the next year and address the tax code for fairness and a tax code that will energize our economy, to address our investments while making wise spending cuts and by prolonging a life of social security and medicare by addressing those issues again in a bipartisan way after the first of the year, so this is -- i don't know what the speaker is trying to prove, but if he thinks he's trying to prove that by passing a high-end tax cut and leaving town that that looks like some measure of legislative virtuosity and try to put it at the president's doorstep who is a champion for the middle class, who has fought this campaign on the middle income tax cuts, then the republicans woul
of dollars in agricultural programs. without last minute action to pass a new bill, the government would have to force americans to buy milk at wildly inflated prices. that means we could pay $6 to $8 a gallon. it now costs an average of $3.65 a gallon. >> that's more government genius, right? >> we had some genius leaders in your fine country. >> by the way, most of the people trying to solve the fiscal cliff are the same people that got us into the fiscal cliff with patches, patches, patches. >> it's a perfect business model, right? >> thanks for watching. happy holidays, everybody. >> see you on monday. >>> hi, everybody. happy friday to you. welcome to the closing bell. ten days and counting. how many? >> ten days and counting, not till christmas, but until we go over the fiscal cliff. we're not closer to a deal in washington today. you can tell from the sell-off, investors do not like it. >> no, posting their largest decline since november 14th, in case you were wondering. although we are off the lows of the session right now. the dow was down 189 two hours into the trading se
need the stability, and we need some decisive actions in order to get the consumer comfortable again. >> absolutely. dana, r.j., thanks so much for joining us. >> thank you. >> heading towards close. just joined us, the market was down sharply early on, and just in the last hour we got word that the house will come back to reconvene sunday evening. read into that whatever you want. the market is hoping that it means maybe we get a deal before the end of the year. we're down just 65 points on the dow industrials. >> you can lead a horse to water, but you cannot make it drink. >> they are leading right now. >> that's what happens. >> in the meantime, should investors pick up or head up on nokia? new windows phone, ditch the stock and step up and apple, got the trade for you coming up next. >> and later congressman andy harris joins us fresh off a conference call with republican house leaders. find out what they had to say. do we read anything into this meeting coming up on sunday night and what he thinks about the odds of avoiding the fiscal cliff. that should be very interesting comin
anytime. that's why she trades with the leader in mobile trading. so she's always ready to take action, no matter how wily... or weird... or wonderfully the market's behaving... which isn't rocket science. it's just common sense. from td ameritrade. >>> about four minutes left. another one of those days where it was clear that wall street is fixated on washington and what's going on with the fiscal cliff talks. they were still public today. here's where the president started speaking to the business round table and where we learned also that those 40 republicans part of this bipartisan group that would be open to new ideas on the fiscal cliff talks. of the dow, the best performers and worst performers today, the full-ti financials higher led by bank of america. nasdaq, we need to highlight this, was lower, down 20 points today. why? because of apple. apple had one of its worst days. we highlighted this earlier. something very archean called the death cross, the 50-day moving average crossed below the 200-day moving average. what does that mean? just means it could be going lower from h
trades with the leader in mobile trading. so she's always ready to take action, no matter how wily... or weird... or wonderfully the market's behaving... which isn't rocket science. it's just common sense. from td ameritrade. >>> about four and a half minutes left in the trading session. you know about these two model portfolios that our research team put together regarding the fiscal cliff. there's one that would do well if we go over the cliff. and there's one that would do well if we avoid the cliff. essentially they're a basket of exchange traded funds. some risk on if we go over the cliff. risk off. so let me show you something here. after the election, the risk that the market basically these two portfolios are traching each other are perfect mirror images here. they were betting at this point we were going to go over the cliff. in other words the -- over the cliff portfolio was the outperformer until today. they have crossed. so now it's gone lower. we hit the cliff and avoid it is going higher at this point. two things to watch for this week. we got all that treasury paper
action, no matter how wily... or weird... or wonderfully the market's behaving... which isn't rocket science. it's just common sense. from td ameritrade. . >>> 90 seconds left. show you one chart. this really shows the story today. the market, still a lot of hope about the fiscal cliff negotiation, and we're going out on the highs of the day with a gain of 127 points on the dow. warren myers, first time since july we've had back-to-back triple-digit gains for the dow. that's amazing. >> hard to believe that it's been that long since we've had it. the market has been acting well. i must be getting a cue from the ten-year yield and watching this thing continuing to skyrocket. >> all the safe havens have gone higher. treasury, gold, the dollar you. >> get a sense that it's a real rotation out of safety net and the riskier assets. >> are we being too complacent. we're being bullish. >> are we overdoing this? >> in the short term we may be. one bad word from washington and the market will go down, but from a fundamental point of view, as i said before, 2013 i
to make decisions. they can't sit there, and that's really where the dict is, people have to take action on the best information and, unfortunately, they are not getting really good information so it's kind of a random walk now. i think most people in the market, most customers two weeks ago said a deal will get done. this is serious. i think bernanke's probably got his hands over his face right now because all the work that they have done on the monetary side could, you know, literally be undermined by the fact that these guys can't find some common ground here. look, i'm still hopeful. i still think it can come back. >> all right, guys. >> all right. thanks, guys. appreciate your time. 12 minutes before the closing bell sounds on wall street. the market is up 36% on the dow, and that's one of the issues here, so much room for disappointment in this market. the market still expects a deal. >> definitely pricing in a deal, right? that's why we've had a pretty good week. a couple of double, triple-digit gains, holding in pretty good. up 38. counting down the worst trade of the year, and u
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